Raymond James achieves record net revenue, earnings

investmentnews.com:

Raymond James Financial achieved record annual net revenue and record net income last year, marking the third year in a row of historic results for the firm, CEO Paul Reilly said Wednesday.

Raymond James obtained $11.62 billion in net revenue and $1.73 billion in net income available to common shareholders in fiscal 2023, up 6% and 15%, respectively, over fiscal 2022, according to an announcement about its fourth quarter and annual results. Its fiscal year ended Sept. 30.

The firm’s domestic private client group garnered $73.3 billion in net new assets in fiscal 2023 and $14.2 billion in the fourth quarter, representing a 7.7% and 5% annualized growth rate, respectively, on assets from the beginning of the period.  

Reilly attributed the third consecutive year of record results in “very different market environments” to the firm staying “true to our core.”

“We put clients first; we act with integrity; we value independence and think long-term,” Reilly said on a call with analysts after markets closed Wednesday. “These core values … are lived day-in and day-out by our advisors and associates. This dedication and focus provides stability during tough economic times and what makes me confident about our continued success in the future.”

Raymond James’ private client group reported record annual net revenues — $8.65 billion, up 12% from fiscal 22 — and record annual pretax income — $1.76 billion, up 71% from fiscal 22. It achieved record quarterly results in each category as well — $2.3 billion in net revenue, up 14% from the fourth quarter of fiscal 22; and $477 million in pretax income, up 29% from the previous year. The firm cited the growth of assets in fee-based accounts as one of the reasons it achieved those numbers.